Live: Nifty Falls Below 9,100; M&M, Axis Bank Top Laggards
Finance Minister Nirmala Sitharaman To Brief Media At 4 P.M.
Stock Reaction: Hindustan Aeronautics
Shares of this aerospace and defence company gained as much as 6 percent to Rs 528 after Bloomberg News on Thursday reported that India is planning to switch to locally-made fighter jets, two years after asking global companies to submit proposals to supply 114 combat aircraft.
The country’s air force is finalizing plans to induct indigenously made Light Combat Aircraft, Tejas to boost the capability of its aging combat aircraft fleet, Chief of Defence Staff Bipin Rawat said in an interview in New Delhi. It will buy an additional 83 jets, apart from an earlier deal for 40 aircraft, for $6 billion, he said.
Shares are gaining on volumes that are 6.4 times higher than its 30-day average.
Rahul Bhatia To Participate In Virgin Australia Sale
Billionaire Rahul Bhatia-operated Interglobe Enterprises, the biggest shareholder of budget carrier IndiGo has signed an agreement to participate in Virgin Australia's sale process, the company said in a statement to Bloomberg News.
The company said that it is bound by the confidentiality requirements of the agreement for not divulging further details.
Shares fell as much as 3.1 percent to Rs 941, post the announcement and are down for the third straight day.
Markets At Noon
- Benchmark indices trade sideways, set for weekly losses
- Nifty down 0.7 percent at 9,079
- Sensex down 0.8 percent at 30,865
- Nifty Bank down 1.5 percent at 18,780
- Nifty Midcap Index down 0.4 percent
- Nifty Smallcap Index down 0.5 percent
- India Volatility Index down 0.2 percent to 38.07
- Nifty Metal index remains the only sectoral gainer; up 0.9 percent
- Nifty Auto, Nifty I.T., Nifty Metal and NIfty PSU Bank fall over 1.5 percent
- Nifty Realty recovers from the day's low; now down 0.2 percent
- BPCL remains the top Nifty gainer; up 3 percent
- Mahindra & Mahindra remains the top Nifty laggard; down 5.9 percent
- 696 stocks on the NSE trade with gains while 972 trade with losses
Large Trade Alert: Power Grid
19 lakh shares of the power company exchanged hands in a single large trade on the National Stock Exchange, as per Bloomberg data.
Buyers and sellers in the trade were not immediately known.
Shares recovered from as low as 1.6 percent to trade little changed at Rs 161.10.
Stock Update: Alembic Pharma
The Vadodara-based pharma company has informed the exchanges that it has received the U.S. FDA approval for Doxycycline Hyclate Tablets, 100 mg.
The said drug is used in the treatment and prevention of infections that are proven or strongly suspected to be caused by susceptible bacteria, as per the company's press release.
The approved drug had an estimate market size of $53 million in the U.S. for the 12-months ending December 2019 as per the IQVIA.
Shares gained as much as 5.9 percent to touch an all-time high of Rs 896 in today's trading session.